MBA Comment Letter to CFPB on Regulation V
MBA welcomes the opportunity to comment on the Consumer Financial Protection Bureau’s (the Bureau) notice of proposed rulemaking to amend Regulation V. While purportedly an attempt to regulate data brokers, the proposed rule could impact how mortgage companies are run and how products are advertised. We believe the Bureau should roll back this proposed rule in its entirety and reexamine whether the agency has sufficient statutory authority under the Fair Credit Reporting Act (FCRA) to promulgate such a far-reaching proposal.
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